13 Lessons Warren Buffett Learned About How To Achieve Success

With his unique stock-picking skills, self-made billionaire Warren Buffett is regarded as one of the most brilliant investors today.But Buffett’s success comes mostly from his ability to believe in his own skills and refusal to follow the crowd.

Jamie Downey at Boston.com reports that Buffett “will only invest in companies that meet [certain] criteria. He does not feel pressured when things do not go his way nor when outside sources suggest new rules for investing.”

Choose business deals like you're 'looking for a spouse.'

Predict what the future might look like.

'I look for businesses in which I can predict what they're going to look like in 10 or 15 or 20 years. That means businesses that will look more or less as they do today, except that they'll be larger and doing more business internationally.'

'So I focus on the absence of change. When I look at the Internet, for example, I try and figure out how an industry or a company can be hurt or changed by it, and then I avoid it.'

Think of people as investments.

'Look at your classmates; select the one to 'buy' with the characteristics that you like and the one that you would 'sell' that s/he does not appeal to you as a person. Then write down these attributes and you will realise that these are not given in birth but developed in life. Write them down and follow them.'

Decide who you like and who you don't like.

'Pick out a person you admire the most, and then write down why admire them. You're not to name yourself in this.'

'And then put down the person that, frankly, you can stand the least, and write down the qualities that turn you off in that person. The qualities of the one you admire are traits that you, with a little practice, can make your own, and that, if practiced, will become habit-forming.'

Work with people you respect.

'I have turned down business deals that were otherwise decent deals because I didn't like the people I would have to work with. I didn't see any sense in pretending.'

'To get involved with people who cause your stomach to churn -- I say it's a lot like marrying for money. It's probably a bad idea under any circumstances, but it's absolutely crazy if you're already rich, rich?'

Do your research.

Know that habits are hard to change.

'The chains of habit are too light to be felt until they are too heavy to be broken. At my age, I can't change any of my habits. I'm stuck. But you will have the habits 20 years from now that you decide to put into practice today.'